Last up is PetroChina (PTR), the oil and gas giant based in the People's Republic. PTR is currently forming the bullish opposite of the setup in Google: an inverse head and shoulders pattern.
As with Google, the neckline level is sloping in PTR, and shares are extremely close to that breakout level right now. At the moment, the neckline price is right around $114, a level that's getting tested in today's trading session. If PTR can hold a bid above that upper blue line, then it makes sense to jump into shares.If you think that the head and shoulders is too well known to be worth trading, the research suggests otherwise: a recent academic study conducted by the Federal Reserve Board of New York found that the results of 10,000 computer-simulated head-and-shoulders trades resulted in "profits [that] would have been both statistically and economically significant." That's good reason to keep an eye on both of these names in the next few sessions. To see this week's trades in action, check out this week's Must-See Charts portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.
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